U.S. Oil Prices Up 6% For The Week, Biggest Weekly Gain in 3 Months

Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months.

As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Manish Raj, chief financial officer at exploration and production firm Velandera Energy Partners, told MarketWatch. "We are familiar with the repair and maintenance processes in oilfield services, and the damages appear to be far worse than what can be restored within a matter of a few days." Saudi officials have said they were on track to restore production by month end.

October West Texas Intermediate oil which expired at the end of the session, fell 4 cents, or 0.07%, to end at $58.09 a barrel on the New York Mercantile Exchange. The new front-month contract, November lost a dime, or 0.2%, to settle at $58.09.

Source : Marketwatch

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